Income is an important metric of financial performance and can be defined as the amount of money or profits earned over a period of time. At its most basic, income is the sum of all revenues received in a given accounting period, minus any costs and expenses incurred during that same period. It is usually reported on a company’s balance sheet and profit and loss statement. Income provides insight into the success of a business and can help to inform decisions about investments, assets, and liabilities.
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